Barclays Cuts SolarEdge Technologies (NASDAQ:SEDG) Price Target to $7.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price lowered by Barclays from $17.00 to $7.00 in a report released on Friday morning,Benzinga reports. The firm currently has an underperform rating on the semiconductor company’s stock.

Several other brokerages have also recently commented on SEDG. Susquehanna decreased their target price on SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Bank of America cut shares of SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Guggenheim lowered SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 9th. Ten research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $22.79.

SolarEdge Technologies Stock Down 17.1 %

SEDG opened at $10.64 on Friday. The firm has a market cap of $616.59 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The firm’s 50-day simple moving average is $18.19 and its 200-day simple moving average is $28.90. SolarEdge Technologies has a twelve month low of $10.55 and a twelve month high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. SolarEdge Technologies’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.03) earnings per share. Equities research analysts anticipate that SolarEdge Technologies will post -17.69 EPS for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the transaction, the chairman now directly owns 244,478 shares in the company, valued at $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.67% of the company’s stock.

Institutional Trading of SolarEdge Technologies

A number of institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in SolarEdge Technologies during the second quarter valued at approximately $28,000. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies during the 1st quarter worth approximately $64,000. KBC Group NV raised its stake in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares in the last quarter. First Pacific Financial boosted its holdings in shares of SolarEdge Technologies by 53.0% in the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 1,805 shares during the last quarter. Finally, US Bancorp DE grew its stake in shares of SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after buying an additional 4,834 shares in the last quarter. Institutional investors own 95.10% of the company’s stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.